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How much things cost in Iceland

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Overview

Whilst Iceland draws in a myriad of international visitors each year, the country has a reputation other than the allure of its magnificent natural wonders. Consumer prices in Iceland are on average higher than other parts of Europe, however there are many ways to travel in Iceland whatever your budget.

We’ve created the following guide to give you an indication of how much an Iceland holiday could cost, what you can expect to pay for typical items throughout your trip, and how to maximize your budget.

How much is a trip to Iceland?

Depending on your timescale and interests, the cost of an Iceland trip will vary. Our Travel Specialists will work with you to design your holiday to suit your budget. We have numerous suggested itineraries on our website that can provide a guide how much a trip could cost. The cost of our trips can also include accommodation options, excursions, expert guides or car rental. Prices will vary depending on the time of year you are travelling, but you can also save money by travelling outside of summer – May and September are beautiful months in Iceland.

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How can you maximize your budget in Iceland?

Iceland Sightseeing

The major appeal of Iceland is its abundance of natural wonders; incredible waterfalls, dramatic black beaches and a plethora of hot springs and geysers. Many of the sights are easily accessible and free too look at, but you do need to factor in transport (whether that is self-drive or with a guided service). In and around the capital, the Reykjavík City Card offers free entry to a great selection of museums and galleries, all swimming pools in Reykjavík and free unlimited travel by bus within the Reykjavik Capital Area. In addition, the card also gives you a free ferry trip to Viðey island and discounts on various tours, in shops and on services. It’s available for 24/48/72 hours, with prices starting from ISK 4,000/1,650 (adult/child) £25/£10. *Prices for 2020.

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Shopping

As a tourist you can claim back the value-added tax (VAT) on certain goods over the value of ISK 6,000. As long as the total amount spent on one receipt is greater than this (including VAT), you can claim back the tax on everything, even if some items cost less than ISK 6,000 individually. Make sure you get a tax receipt when you make your purchase. Claims can be processed at the refund desk of the tourist information centre in Reykjavik or in departures at Keflavik.

Eating and drinking

In the last few years, Iceland has witnessed a surge in its local food scene; offering endless possibilities when it comes to dining. Eating out can be rather expensive, and considered a treat by locals. One of the best ways to keep costs down when it comes to eating out, is to take advantage of lunch time hours. Alternatively, you can cook for yourself.

Tips and guidelines

  • Outside the main towns, restaurants are generally only found in hotels.
  • Reykjavik has a wide range of restaurants with typical Icelandic cuisine, gourmet dining and world famous hotdogs!
  • Fish dishes are usually cheaper than meat. *Please note: many Icelanders may not be familiar with what is suitable for vegetarians and vegans – if you have any concerns about your dietary requirements, our Iceland Specialists will be happy to advise you.
  • Restaurants often promote lunchtime special menus which are excellent value (around £20-30pp for a soup and fish of the day)
  • A 2-3 course dinner (without wine) will set you back around £30-50 (fish) £40-60 (meat) per person.
  • Breakfast will usually be included within the cost of your accommodation.
  • Look out for these stores to pick up your own grocery’s: Bónus (if you’re on a budget) and Víðir (good quality and healthy options) and Hagkaup (hypermarket). Out in the countryside Samkaup stores, either Samkaup Úrval or Samkaup Strax, are more common. You’ll also be able to pick up fast food and snacks at many petrol stations
  • You can purchase alcohol duty free as you arrive at Keflavik airport, so you might prefer to stock up there. Depending on what you buy, airport prices are up to 50% lower than in Reykjavík retail stores.
Sample prices by item
Item ISK (average) Sample prices by item
Cappuccino 617 £3.65
Coke/Pepsi 362 £2.15
Bottle of water 287 £1.70
Main meal, inexpensive restaurant 2,538 £15.00
Three course meal for two at a mid-range restaurant (excluding wine) 15,000 £89.00
Domestic beer (half litre) 1,200 £7.10
Imported beer (330ml) 1,000 £5.90
Milk (1 litre) 206 £1.20
Bread (loaf) 445 £2.65
Eggs (dozen) 754 £4.45
Supermarket beer 423 £2.50
Supermarket wine (mid-range) 2,550 £15.00
Petrol/gasoline 309/litre £1.85/litre
One way transport ticket 500 £2.95
Taxi (normal tariff) 730 £4.30
Reykjavik City Card (1-day) 4,600 £27
  • Item Cappuccino
    ISK (average) 617
    Sample prices by item £3.65
  • Item Coke/Pepsi
    ISK (average) 362
    Sample prices by item £2.15
  • Item Bottle of water
    ISK (average) 287
    Sample prices by item £1.70
  • Item Main meal, inexpensive restaurant
    ISK (average) 2,538
    Sample prices by item £15.00
  • Item Three course meal for two at a mid-range restaurant (excluding wine)
    ISK (average) 15,000
    Sample prices by item £89.00
  • Item Domestic beer (half litre)
    ISK (average) 1,200
    Sample prices by item £7.10
  • Item Imported beer (330ml)
    ISK (average) 1,000
    Sample prices by item £5.90
  • Item Milk (1 litre)
    ISK (average) 206
    Sample prices by item £1.20
  • Item Bread (loaf)
    ISK (average) 445
    Sample prices by item £2.65
  • Item Eggs (dozen)
    ISK (average) 754
    Sample prices by item £4.45
  • Item Supermarket beer
    ISK (average) 423
    Sample prices by item £2.50
  • Item Supermarket wine (mid-range)
    ISK (average) 2,550
    Sample prices by item £15.00
  • Item Petrol/gasoline
    ISK (average) 309/litre
    Sample prices by item £1.85/litre
  • Item One way transport ticket
    ISK (average) 500
    Sample prices by item £2.95
  • Item Taxi (normal tariff)
    ISK (average) 730
    Sample prices by item £4.30
  • Item Reykjavik City Card (1-day)
    ISK (average) 4,600
    Sample prices by item £27

Please note the amounts quoted here are averages and are updated periodically. Most recently updated April 2023. Data is taken from numbeo.com

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